SSB disclosed to its shareholders this Wednesday that "Aliansce and Sonae are negotiating a combination of their businesses"
Sonae Sierra Brasil SA (SSB) and Aliansce Shopping Centers SA are planning a merger. Although there is nothing official yet, both companies have announced the start of what is supposed to be a resourceful fusion.
The publicly-held company informed shareholders and the market that “Aliansce and Sonae are negotiating a combination of their businesses”. However, to the date, there has been no signed offer or agreement, “whether binding or non-binding, about a potential transaction.”
Sonae Sierra Brasil stressed, in the same note to investors, that “it is always attentive to any opportunities that can create value for its shareholder”.
Both companies are engaged in the development and operation of shopping centers in Brazil. SSB, whose main owners are Alexander Otto and Sonae Sierra, has registered a net income of BRL 145,63m while it employs around 130,000 people. It has sustained its growth, even during the economic recession, which has motivated Fitch to raise the Company’s rating to AA+ last May.
This article was amended on 11 July 2018 to correct the number of employees from 13,000 to 130,000 people.